Albertville school board OKs bond renewal

Published: Tuesday, February 5, 2013 at 10:33 p.m.

Last Modified: Tuesday, February 5, 2013 at 10:34 p.m.

At a called meeting Tuesday, the Albertville City School System board of education approved a resolution to renew bonds.

The renewal will save the system a minimum of $384,000.

Underwriter David Langham with Gardnyr Michael Capital said current Series 2007 bonds have rates between 4 and 5 percent; the new rates would drop to between 0.75 and 3.2 percent. If the board takes the savings up front, it would realize about $384,000. Taking the savings long term would save $493,000.

Taking the debt off the city’s books will allow the school board to get a better rating.

Maynard, Cooper & Gale, PC, will serve as bond counsel.

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